In this chapter, we review the evidence and explanations for the modern productivity
paradox and propose a resolution. Namely, there is no inherent inconsistency between …

American markets, once a model for the world, are giving up on competition. Thomas
Philippon blames the unchecked efforts of corporate lobbyists. Instead of earning profits by …

US estimates of the natural rate of interest–the real short-term interest rate that would prevail
absent transitory disturbances–have declined dramatically since the start of the global …

Starting in the early 1990s, countries in southern Europe experienced low productivity
growth alongside declining real interest rates. We use data for manufacturing firms in Spain …

This paper reviews advanced‐economy productivity developments in recent decades. We
focus primarily on the facts about, and explanations for, the mid‐2000s labor‐productivity …

After 2004, measured growth in labor productivity and total factor productivity slowed. We
find little evidence that this slowdown arises from growing mismeasurement of the gains …

This study provides a new theoretical result that a decline in the long‐term interest rate can
trigger a stronger investment response by market leaders relative to market followers …

We study the role of financial frictions for productivity. Using a rich cross-country firm-level
data, we exploit variation in preexisting exposure to the 2008 global financial crisis to study …

ABSTRACT US output has expanded only slowly since the recession trough in 2009, even
though the unemployment rate has essentially returned to a pre-crisis, normal level. We use …

Productivity growth—the key long-term driver of living standards—fell sharply following the
global financial crisis, adding to structural headwinds already blowing before the crisis, and …